NU Online News Service, April 5, 3:05 p.m. EDT
The California Workers Compensation Insurance Rating Board's (WCIRB) Actuarial Committee said its analysis continues to show "significant pure premium rate inadequacy," which could lead to a rate increase request up to 12 percentage points higher than the 27.7 percent request made for Jan. 1.
The Actuarial Committee says in a statement that the deterioration in experience is attributable to, among other factors, continued adverse loss development on the 2009 accident year, high emerging costs on the 2010 accident year driven by an increase in claim frequency, and less optimistic forecasts of statewide wage-level growth.
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